How can I leverage artificial intelligence and virtual reality to create intelligent automatic story generation?
The VR and computer speech aspects are entirely corollary.  Adding them in would be relatively trivial in comparison to creating an algorithm that can dynamically generate stories of interest to humans.  Essentially, aesthetic components not related to story structure (images, sounds, speech) are "window dressings". 

A story generation algorithm would have to focus on the structural elements of storytelling, possibly in conjunction with human-user reactions, and generate narratives narratives dynamically.

Such a system would be validated by human reaction to the stories, and the validation would not require graphics, sounds or speech.  Think of a movie or video game with a story as the expressions of stories that originally had textual form. 

Game theory could certainly be applied to this process--creation of narrative in particular utilizes game theoretic concepts, consciously or unconsciously, in terms of strategies to engage reader/viewers and provide "emotional payoffs". 

It should certainly be possible to develop an algorithm with these capabilities, even where the algorithm doesn't not really "understand" the content it is generation.  

A similar endeavor might be found in Cameron Browne's work on algorithms that can create simple, combinatorial games of interest to humans: Evolutionary Game Design.

It's important to note that the game created by Ludi are based on pre-existing mechanics, and algorithms don't yet have the capability to make profound leaps in the way that human game designers can. (In other words, it will likely be a very long time before an algorithm can create a game like Magic: The Gathering where no such gaming system previously existed.)

However, this doesn't present much of an issue in the context of procedural narrative generation in that the most successful literary work in terms of audience/sales tends to be based on pre-existing formulas.  So an AI that can merely reconfigure elements in a formula should be able to generate narratives of interest to the average human.